Tower Capital Arranges $29.5 Million Non-Recourse Loan For Townhome Development In Melissa Texas
$29,500,000
Units
118
Asset Type
Development Site
Closing
Jan 21, 2025
AI
The property involved is a development site located on Sam Rayburn Hwy in Melissa, Texas, encompassing 15.5 acres. The site is designated for a 118-unit build-to-rent townhome community, with homes averaging 1,655 square feet. The planned amenities for the development include a pool, clubhouse, fitness center, and pickleball courts.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,500,000
- Loan Type: Construction
- Loan Terms: Non-recourse
- Brokers: David Stull, George Maravilla, Kyle McDonough & Noah Schott - Tower Capital
Tower Capital arranged the financing for this project, which will facilitate the construction of the townhome community in Melissa. The development aims to provide a diverse living option with appealing amenities in the area.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93